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HomeMy WebLinkAbout0546 ' ,~t a ~ ~ ~ ~ Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurartoe premiums in the manner provided under paragraph 2 hereof. Any amounts disbursed by Lender pursuant to this paragraph 7. with interest thereon. shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and tender agrys to-olhet IErms of paymerK. such amounts shall be payable upon notice from lender to Borrower requesting~a~~nt thereof, and shatl bear interest from the date of disbursement at the ate payable from time to time on o?HstanBll~g principal under the Note unless pa~?ment of ' interest at such ate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expetne a fate any action hereunder. s. Iwsreefiow. lender may make or cause to be made reasonable entries upon and inspections of the Property. provided that !.ender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to mender's interest in the Property. 9. Cowdewwstiow. The proceeds of any award or claim for damages. direct or consequential, in connection with any condemnation or other taking of the Property, or part thereof, or far conveyance in lieu of condemnation. are hereby assigned and shall be paid to Lender. In the event of a total taking of the Property. the proceeds shall be applied to the arms secured by this Mortgage. with the excess, if any, paid to Borrower. In the event of a partial taking of the Property. unless Borrower and I.atder otherwise agree in writinft, there shall be applied to the sums secured by this Mortgage such proportion of the proceeds as is equal to that proportirn which the amatnt of the sums secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to the date of taking, with the balance of the proceeds paid to Borrower. - If the Property is abandoned by Borrower. or if. after notice by Lender to Borrower that the condemnor oRers to matte an award or settle a claim for damages. Harrower fails to resaand to lender within 30 days after the date such notice is mailed, Lender is authorized to collect and apply tht proceeds, at Lender's option. either to restoation or repair of the Property or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing. any such application of proceeds to principal shall not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 het+eof or change the amount of such installments. 10. •orrower Not Rehwsed. Extension of the time for payment or modifkation of amortization of the wtm secured by this Mortgage gaoled by Lender to any successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower s successors in interest. i_ender shall not bt requited to rnmmertce proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by mason ofrny demand made by the original borrower and Borrower's successors in interest. 11. Forbearawce by Lewder Nof s R?siver. Any fart+earance by Lender in exercising any right or remedy heramder, or otherwise afforded by applicable law. shall oat be a waiver of or preclude the exercise of any such right or remedy. _ The procurement of insuattce or the payment of taxes or other liens or charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of the irtdehtedness secured by this Mortgage. 12. Resedks CtnwwlaNre. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently. independently or suecessively_ 13. Sweeessors awd AsriRws Dowwd: Joist a!wd Several I.iabiBfy; Captiows The covenants and agreements herein contained shall bind, and the rights hereunder shall intrr~ to. the respective successors and assigns of Lender apd Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreerttents of Borrower shall be joir~ and several. The captions-and headings of the paragraphs of this Mortgage are for convenience only and are not to I)e used to interpret or define the provisarts hereof. 14. Notlee. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to under as provided herein, and (b) any notice to Lender shall he given by certified mail, return receipt requested. to Lender's tddress stated herein a to such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. I'; 1S. Uwitorw MoAgsge; Gorenieg Law; Severability. This form of mortgage combines uniform covenants for national use and iron-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. Tn the event that any provision or clause of this Mortgage ar the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Nate which can be given effect without the eonAicting provision. and to this end the provisions of the Mortgage and the Nate arc declared to be severable. li. iiiorrower's Cory. Borrower shall be furnished a conformed coP3• of the Note and of this Mortgage at the time of execution or after recordation hereof. 17..Tnwsfer d the Trorerty; Aswmptiow. If all or any part of the Property or an interest therein is sold or tansferred by Borrower without Lender's prior written consent. excluding (a) the creation of a lien or encumbattce wbordinate to this Mortgage, (b) the crcatron of a purchase money security interest for household appliances, (c) a tansfer by devise. descent or by operation of law upon the death of a joint tenant or (d) the goof of any leasehold interest of three yeah or less not containing an option to purchase, Lender may, at Lender's option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if. prior to the sale or transfer. Lender and the person to whom the Property is ti. be sold or transferred reach agreement in writing that the credit of such person ! is satisfactory to Lender and that the intcr~~st payable on the sums secured by this Mortgage shall be at such rate as Leader shall request. if Lender has waived the option to accelerate provided in this paragaph 17, and if Borrowers successor in interest has executed a written assumption agreement accepted in writing by Lender. Lender shall release Borrower from all obligations under this Mortgage and the Note. if Lender exercises such option Io accelerate, Lender shall mail Borrower notice of accekation in accordance with paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay the wms declared due. if Borrower fails to pay such sums prior to the expiation of such period, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph •lit hereof. - ~ Note-Ut+ttrottur Covetvat~rrs. Borrower and Lender further covenant and agree ss follo+rs: li. Aeeeleradost; Rowdies. ExeeM ss provMd b rwnrgrarh 17 leered. wrow Isorrrwds htwch d swy earewaN ate agrassnt d >sornwer V this Men=age. twtlwdiwg the cwtwartts to ray whew dse awy stows secwrcd b this Mwtgtrge. Lewdsr rrior a wceekrwNow obi ssaY wotke a Iflonower ss rrovtded b raragrsptr 14 hereoft sreeYyiwgs (1) Nee beeseh; (21 the setiow regwled a ettc+e stseh ilecaelq (3) a dale, wet los thaw 30 dsys tr~aw the dale the wofke i, waxed /s larnwer. try whkh swch iecaeh s.arit k cared; sstd (1) that twilwre to ewes such Mcaeh ow er ttefoee the date srecYed i• the wotiee sssy resrtlt r weeelerwtiew d the ststr seew+cd b7 tlrM Mortgage. toseelowre fYTr jwdkW rreeesdirtg awl sale d file ihorerty. Tia wetlee shsN fwrther twtotrti fllorrower d tee riRM to reiwstttte dter accekratbw swd tee right M assert let flee toreeisswre reocee~rtg ~ ~e wow•exlNettics d w ddsrit eti awy other ddotse d flbrrower to sKCekratiow awd forecbwrs. N the Irecaeh r osl etastl w or 6etore the dale sreciied i• Nee woNce. Lewder at I.ewder's ortfow way deehse wit d tee sleets seewrd by Ntis Maetgsge Iw Ile inwredVtely dwe awl rwyaNe..Nftowt twAher dewrand awd twat' forcclosc this Mortgage b )wrlieisl rsrceedlwR. Lender drag fee ettNtltd a eoiiect fw stseh rtroessdiwg aft e=rewses of torecloswrc. iwclwiiwg. flwt s~st iiw>ite! M. reassrattie stlwwev's few. ssnl costs d ieer-~e¦hry evidewee, arstrwcls swd title tKrs+els. 1!. flisseewa's fltlgflt a ReiwMale. NdwithstandinE Lender's acoekration of the sums secured by this Mortgage. Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortpge discontinued at any time s~ 340 PEE 546 .